Businesses have evolved over the years and rely on enterprise-grade technology to streamline their operations. An ERP software is a bundle of tools that address different aspects of a business including human resources, finance, customer service, and more. Whether you are a small business or an established player in the market, you may need ERP software in your business journey.
Choosing the right ERP software for your business can be intimidating and exciting at the same time. We understand that it is not a small decision and it requires a considerable amount of research. After all, you are looking for an integrated platform that offers the best solutions for different facets of your business.
In this article, we will talk about one of the best ERP solutions out there in the market – Oracle. The platform offers a range of modules that enables businesses to optimize their core processes across departments. We will explore Oracle Business Suite and dive deeper into understanding some of its most popular ERP modules.
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Oracle ERP modules: Driving force of your business
1. Financial reporting module in Oracle ERP
The financial reporting module enables you to understand the financial health of your company in just a few seconds. The Accounting Hub serves as the control station to handle all activities related to finance and accounting. Users can streamline their financial reporting and maintain a single source of information that your FP&A and corporate accounting teams can depend on.
Financial reporting provides a solid and robust financial platform to streamline your accounting. Apart from that, it can also integrate accounting from other ERP solutions. For example, if your sister company uses a different financial software or a transactional system, you can seamlessly integrate the financials from your system.
When you consolidate your key accounting data, you pave the way for standardized and consistent accounting.
Key features of the financial accounting and reporting module:
- Advanced analytics and reporting
- Intelligent assets and payables
- Revenue management
2. Project management module in Oracle
The project management module is packed with a range of intuitive tools that allow project managers to monitor, plan, and collaborate with other members in the team. The project control features help organizations to enhance budgeting, forecasting, reporting, planning, and other aspects of a project.
In addition, the project costing features helps users enhance the accuracy of project cost accounting while streamlining the collection of costs linked with projects. The analytics tools provide you with detailed insights pertaining to the status of different tasks of a project.
Some of the most important features of the project management module include:
- Streamlined communication
- In-depth resource management
- Project cost control, billing, and contract compliance
3. Procurement module in Oracle
Companies operating in the manufacturing and the e-commerce industry understand how critical supply chain management is. Oracle’s procurement module makes supplier management a breeze due to the tool’s in-built analytics and intuitive tools.
Although requisitions require approvals, the structured procurement workflows improve cost savings and compliance by easily directing purchases to the relevant suppliers. With Oracle’s procurement module, companies can organize contract creation and enhance employee productivity. In addition, pre-approved templates and guided authoring, in-built collaborations, and clause libraries allow procurement firms to swiftly create compliant and high-quality contracts.
Some of the major features of Oracle’s procurement module include:
- Guided document authoring
- Supplier capability, data, and risk management
- Automated invoice matching and order creation
- Searchable contract repository
- Risk management
4. Risk management and compliance module in Oracle
We are all aware that business processes are subject to data integrity and compliance issues. Oracle’s Business Suite handles risk management to determine emerging issues even before they occur. This essentially minimizes all costs that are associated with strengthening financial controls and audits, minimizing the chances of financial and system leaks.
One of the most interesting components of risk management is the ability to assess and track configuration changes in different key processes. The primarily covers processes and data which have changed in different modules mentioned above. It also includes changes to:
- Project management
- Accounts payable/receivable
- General ledger
This essentially means that you not only have a better understanding of external errors and threats but also some things within the ERP that may seem off.
Some features for security compliance include:
- Proactive user security monitoring
- Continuous monitoring of financial transactions
- Customized security design with simulations for better decision making
- Incident workflow and dashboard to handle access exceptions
- Digitized SOX and audit workflows for compliance case
- Enterprise Risk Management (ERM) workflow
5. ERP analytics
Selecting Oracle’s Enterprise Resource Planning (ERP) solution provides a bunch of solutions under one roof of an ERP. Each module comes with its own analytics dashboard. On a much more advanced level, Oracle now provides Oracle Analytics for Cloud ERP. It complements all module-based analytics in Oracle ERP.
Some benefits include:
- Predictive analysis
- Publishing and collaboration
- Mobile data exploration
- Self-service data discovery for on-demand metrics
- Best practice metrics library
- Prepackaged use cases
6. Manufacturing module in Oracle
One of the key modules every business requires is Oracle’s ERP manufacturing. Businesses need to have a clear understanding of current stock levels to determine incoming inventory estimates and order fulfillment processes.
The objective of this module is to offer end-to-end inventory management and organize production cycles as part of supply chain management. The manufacturing modules come with an inventory module, import and purchase module, discrete manufacturing, and manufacturing intelligence.
Purchase Oracle’s ERP to streamline your business processes
These Oracle ERP modules offer way too many features and it could get a bit intimidating to learn all of them. You can easily be drawn into purchasing modules you may not require because of the list of features of each module. However, you should be clear right from the start which module you require to solve the bottlenecks across different departments. If you are wondering how to get started with Oracle, you can schedule a demo with the vendor to know the details.
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